JPMorgan To Cut 5,000 Jobs

JPMorgan To Cut Thousands Of Jobs
Signage is displayed outside of JPMorgan Chase & Co. headquarters in New York, U.S., on Wednesday, Oct. 13, 2010. JPMorgan said profit rose 23%, exceeding analysts' estimates, as provisions for bad loans shrank. Photographer: JB Reed/Bloomberg via Getty Images
Signage is displayed outside of JPMorgan Chase & Co. headquarters in New York, U.S., on Wednesday, Oct. 13, 2010. JPMorgan said profit rose 23%, exceeding analysts' estimates, as provisions for bad loans shrank. Photographer: JB Reed/Bloomberg via Getty Images

(Reuters) - JPMorgan Chase & Co

The bank trimmed its profit target to a range of 15 percent to 16 percent return on tangible common equity, down from 16 percent.

JPMorgan also said it expected total headcount to fall by 5,000 to 260,000 in 2014.

The bank announced the changes in a presentation tied to its annual investor day.

Shares of JPMorgan were down 0.3 percent at $57.85 in trading before the market opened.

(Reporting by David Henry and Peter Rudegeair in New York; Editing by Lisa Von Ahn)

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